The monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25% is (B) $2,605.87 (approx).
<h3>
What is a loan?</h3>
- A loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, or other entities in finance.
- The recipient (i.e., the borrower) incurs a debt and is typically required to pay interest on that debt until it is repaid, in addition to repaying the principal amount borrowed.
- The document evidencing the debt will typically include information such as the principal amount borrowed, the interest rate charged by the lender, and the date of repayment.
- A loan is the temporary reallocation of the subject assets between the lender and the borrower.
To find the monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25%:
- The purchase price is = $445500
- 5% is down payment = 0.05 × 445500 = 22275
- Loan amount is = 445500 - 22275 = 423225
- The EMI formula is = [p × r (1+r)ⁿ]/[(1+r)ⁿ-1]
- p = 423225
- r = 6.25/12/100=0.0052
- n = 30 × 12 = 360
- Putting the values in the formula we get:
- [423225 × 0.0052 × (1.0052)³⁶⁰]/[(1.0052)³⁶⁰-1]
- = $2603.17
Therefore, the monthly payment if we put 5% down for a 30-year loan with a fixed rate of 6.25% is (B) $2,605.87 (approx).
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The correct question is given below:
If the purchase price for a house is $445,500, what is the monthly payment if you put 5% down for a 30-year loan with a fixed rate of 6.25%?
a. $2,740.19
b. $2,605.87
c. $1,314.84
d. $1,249.10
Answer: X=-7
Step-by-step explanation:
Using PEMDAS;
Step 1: Distribute the "3" in the part of the equation "3(x-2)"
3x - 6
Step 2: Consider the equation as a whole with the newly part of the equation from step 1, as it is a part of the equation
Therefore, re-written as,
3x - 6 + 48 = -3x
Step 3: Evaluate the re-written equation
Using basic mathematics skills, we can evaluate the following,
3x - 6 + 48 = -3x ➡ -6 + 48 = -6x ➡ 42 = -6x ➡ -7 = x
As shown, the answer is x=-7.
Answer:
0, 5, 18, 22, 100
Step-by-step explanation:
Order the integers from least to greatest which means that the smallest number to the biggest number. Since the biggest number is 100 it goes at the end and 0 is the smallest number so it goes at the end. After that, all you have to do is find which numbers are bigger and smaller. So, the numbers should go in this order 0, 5, 18, 22, 100.
Hope This Helps :)
